How the Inflation Reduction Act of 2022 Allows Homeowners to Upgrade Appliances
The newly passed Inflation Reduction Act of 2022 allows many homeowners to purchase new, energy-efficient appliances. In addition to lowering the cost of certain prescriptions, this initiative gives homeowners resources to buy heat pumps, solar panels, and other upgrades.
Here, one can learn about the benefits of this legislature and what it could mean for their home’s integrity.
Wait––What Is the Inflation Reduction Act?
- Allows small businesses to offer health insurance to their employers
- Awards tax credits to small businesses that switch to solar panels
- Pays off some of the country’s debts to fight everyday inflation
- Caps how much seniors have to pay for prescriptions at $2,000 a year
- Invests money into homes and businesses
- Incentives for small businesses to manufacture items in the U.S.
When it comes to homeowners, however, this law allows them to buy new appliances at discounted rates. For instance, many of EnergyStar’s appliances qualify for tax credits and rebates under the new law. This means that getting a new stove or heat pump could be just a shopping trip away for homeowners in some income brackets. They could also get a $2,000 rebate on heaters and up to $600 for ACs.
Who Qualifies for Tax Credits and Benefits Under This Law?
This federal law is aimed at lower-income and middle-income households. Yet, higher-income households may also qualify for tax credits and rebates. The qualifications for benefits under the Inflation Reduction Act include the following:
- Households earning up to 80 percent of the median household income can get “100 percent the cost of a new appliance or $840, whichever costs less”
- Households earning 80 to 150 percent of the median household income can get 50 percent off the cost of certain in-home appliances
Households making more than 150 percent of the median household income do not qualify for new appliances under the Inflation Reduction Act. Yet, they may qualify for discounted prescriptions and other benefits.
What Are the Benefits of Upgrading the Home’s Appliances?
Upgrading the home’s appliances come with many benefits. Some include:
- Fewer repairs. Nobody wants to have an HVAC repair service on speed dial. They want the peace of mind that their appliances work as expected.
- Saving money. Not only does the Inflation Reduction Act make installing certain appliances more affordable, but with energy-efficient appliances, one can spend less on utility bills. Come tax season, the tax credits and rebates that come with these appliances can also make a difference.
- Better results. With time, some appliances don’t work as well as they once did. For instance, per the U.S. Department of Energy, a central air conditioning system generally lasts 15 years. Once it passes that one, the home may struggle to maintain a consistent temperature.
About a New Image Heating & Cooling
Looking for reliable service? Look no further than a New Image of Heating & Cooling. These professionals offer around-the-clock help to those living in Warrensville Heights, Ohio. They focus on appliance installation, indoor air quality, and more. Call today for HVAC service!